German factory orders drop 5.7% vs. 2.4% forecast

ToddBuell

FRANKFURT--German factory orders tanked in August, as new order volumes fell in most categories, data from the country's economy ministry showed Monday.

The total index fell by 5.7% in monthly adjusted terms. This was well below the 2.4% decline expected by analysts in a Dow Jones Newswires poll. Figures for July were revised slightly upward to reflect an increase of 4.9%, versus the 4.6% gain originally reported.

The ministry said that, unlike in the previous month, in August the share of bulk orders was slightly below average.

It also said that the timing of school holidays weighed on orders in August, after buoying the index in July.

Still, the ministry said that even when taking those factors into consideration, the development of new orders was weak amid the sluggish economic environment in the eurozone and economic uncertainty related to geopolitical events.

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